Real labor income is given by ________
A) MPL × L
B) labor share of income × labor productivity × labor
C) labor share of income × output
D) all of the above
E) none of the above
D
Economics
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In a competitive market equilibrium the ________ equals the ________ of the last unit sold
A) marginal benefit; marginal cost B) total profit; marginal benefit C) profit; selling price D) total cost; marginal cost
Economics
The real-balance effect shows that
A) aggregate demand is upward sloping. B) a higher price level leads to higher interest rates. C) a lower price level will increase the purchasing power of currency and increase personal consumption. D) consumption and the price level are positively correlated.
Economics